Rangers Have gone into Administration

I've no idea why anyone supplies to football clubs on any other basis tbh

HMRC applying to have an administrator appointed, statement due shortly.

What if they go in and out of administration before the BIG tax case is ruled? They'd need to go straight back in and would be docked an extra 25 points (using Dundee's precedent of second administration). That would put them alongside ICT in 10th.

Can we get a quick summary of your views on it all?

tbh i can't say i care very much. the head-in-the-ground self-destructiveness of the last few years combined with the consistent scumminess of general business and playing practices haven't made for something i've been enthusiastic about being invested in, and it feels like so long since i was seriously invested that i only feel the tiniest sliver of a connection to the club as it is today.

Yeah, most of the Rangers fans I know are such through family ties and are basically scunnered or embarrassed out of it by now.

I wonder if Whyte's pulling a proper flanker here.

Rangers apparently transferred the £2.8m "wee tax bill" money to HMRC recently. They owe Whyte's company £18m and owe Ticketus £20-24m. Has he borrowed all that money to ensure HMRC can be outvoted in a CVA? Doing this now means the big tax bill doesn't factor, meaning HMRC own less than 25% of the debt and can be shafted into taking a fraction of what they are due.

Dunno what the end game there is once the big tax bill actually lands but it sounds like at least half of a strategy.

Whyte is the secured creditor wrt to the club itself, so he is in the driving seat in terms of administration. Looks like a relatively canny move on Whyte's part - take the preliminary steps, forcing HMRC (as unsecured presently contingent creditor) to make their move, which means that Whyte's "only choice" is to appoint an administrator as secured creditor and then pre-pack the thing into a new entity.

The only problem with pre-pack is the issue of not being able to play in Europe for three years - though that comes to a lot less than the debt they're trying to kill - but it allows Whyte to effectively own all of Rangers assets (presumably getting his catering business back and not paying HMRC or Ticketus anything like they're owed - meaning he gets to keep future season ticket sales).

(though Ticketus might well be with Whyte on the whole thing and will get their share)

How much is Ibrox Stadium valued at? I remember a few years back it was around £180m on their balance sheet - does post-pre-pack Whyte get that for using £18m of (allegedly) someone else's money.

HMRC and Rangers are currently in court arguing about who gets to appoint an administrator. Rangers are attempting to do so immediately, HMRC are seeking assurances Rangers won't appoint one until the hearing is over. They have accused Rangers of trading while insolvent.

They have stopped for 20 minutes and the HMRC brief is concerned Rangers will appoint an administrator during the break!

I was wondering how much it can be worth - terrible part of town, part-listed building, only one feasible tenant. It must be worth something, but can't be that much surely. iirc it has lots of waste ground with it fwiw. The training ground I know nothing about.

Whyte would get his debt satisfied out of a sale if he's secured, then the rest goes into the administration.

HMRC told the court that it had applied to the court to appoint an administrator on Monday, before Rangers lodged their intention to appoint an administrator.

Where are you getting this?

STV court reporters on twitter, summary here

http://news.stv.tv/scotland/west-central/297531-rangers-appointing-administrators-today/

Anyone interested in the whole tax case shebang should start here http://rangerstaxcase.com/2011/03/28/what-is-rangers-tax-case-all-about/ - this is the first entry from almost a year ago and the entire blog has been completely ignored or derided by mainstream media until recent events. Loads of good stuff from then on - lots of triumphalist crap in the comments but some really knowledgeable people in there too.

I love the tagline

"What they are saying is 99 percent crap" Craig Whyte

boo

https://twitter.com/#!/carasulieman/status/169415914364739584

#Rangers given until 3.30pm to appoint administrators. If they do HMRC's application will no longer stand.

29 point turnaround in the league since 6th November. Neil Lennon is some manager.

The stadium and associated land are not going to be saleable assets, for a number of reasons. Murray Park, though...

weird for the league to be virtually over by valentine's day.

Statement from Duff and Phelps:

http://www.creditman.biz/uk/members/news-view.asp?newsviewID=15248&id=1&mylocation=News&chksrc=NNow4251

Duff & Phelps advised Whyte's company throughout the takeover. You can see why HMRC wanted their own man in.

http://images.mirror.co.uk/upl/dailyrecord3/feb2012/0/3/david-grier-far-left-with-craig-whyte-and-rangers-advisers-at-ibrox-940788559.jpg

David Grief, far left, in the director's box shortly after the takeover, is expected to be the administrator.

https://p.twimg.com/AlnucUbCAAETiQs.jpg

HMRC withdraw petition, Duff and Phelps in apparently...

RadioClydeNews Radio Clyde News
Strathclyde Police seek urgent meeting with Rangers to ensure that any payment for policing costs at future Rangers games is guaranteed.

Just been past Ibrox on a bus. They're not exactly out in their, um, dozens.

http://i42.tinypic.com/2vdse8h.jpg

On a related note, Pompey fan on Sky Sports News just described their administration as "déjà vu all over again"

Sheesh, third don't seem to be any closer

http://tinyurl.com/7pxclbg

Should've read that 'Little Miss Lucky' book.

From a BBC tweet

HMRC: We can’t discuss specific cases but tax that has been deducted at source from wages of players & staff must b paid over 2 us

Does this imply they've been taking PAYE and not passing it on?

HMRC asked judge 2 let them force admin because of NEW tax debts, not the EBT sum....millions of unpaid tax since CW's arrival #rfc

Where is the money?

dying @ this, posted on a gers forum

http://i42.tinypic.com/1t0ap1.jpg

fans on telly saying how shocked they were and how there was no warning wtf

HMRC statement: "We can't discuss specific cases for legal reasons but tax that has been deducted at source from the wages of players and support staff such as ground keepers and physios must be paid over to HMRC. Any business that fails to meet that basic legal requirement puts the survival of the business at risk."

it's just dawned on me that we'll maybe win the league when im on holiday now :| solipsist csc.

Accies got a points deduction that relegated us for failing to play a game (players went on strike because they repeatedly never got paid). So Rangers better get a similar punishment if they fail to play at the weekend.

Kinda wish there was an Old Firm game coming up - it'd be mayhem though no doubt

£9m in unpaid tax, VAT and NI since the takeover, HMRC petition for administration had nothing to do with the potential £49m big tax case.

crooked cheating cunts

Bloody hell, I'm actually a bit shocked by that. There's no excuse for not being able to pay VAT.

My face hurts, can't do much more smiling. But I'll try.

There's a world record number of league titles to win, man (xp)

cant smile too much as they will be back as nu-rangers. woulda been better if HMRC had put them into administration, then they would be fucked

they're the floaters of football, no matter how hard you flush they rise back to the top (league)

Scotzine reporting that Rangers' appointed administrators Duff and Phelps are owners of a company called Merchant Recovery. Craig Whyte is a director of Merchant Recovery.

Patter Merchant Recovery morelikeaimrite

is that legal?

http://www.scottishfa.co.uk/scottish_fa_news.cfm?page=2111&newsCategoryID=36&newsID=9316

Shocking statement from the SFA full of regret about the position Rangers "find themselves" in WTF. They put themselves there. No criticism of financial doping. No criticism of failing to pay tax. No sympathy for creditors (including member clubs!).

Simon Kuper had a good piece somewhere recently criticising Bayern Munich as a blot on the game - his idea was that clubs never fail completely, they can always be reconstituted if necessary, so any club living within its means, building sustainable revenues, paying tax, etc. doesn't deserve to be taken seriously.

the sfa cant turn round and say what you want onimo. you wouldnt like it if they criticised the running of your club.